Elon Musk increases stake in Tesla

Founder and CEO of Tesla Elon Musk has bought the shares of his company for $ 10 million, according to CNBC.

Musk bought 29 844 shares and increased its stake in Tesla to 20 percent. Earlier it was reported that under the agreement with the Commission on the securities and exchange US (SEC), a businessman should acquire additional stake in the company worth 20 million dollars.

During the week the price of Tesla’s shares rose by nine percent. The company for the third time in its fifteen-year history ended the quarter with a net profit.

According to the agreement between the SEC and Musk, a businessman and the company will pay fines of $ 20 million. Also the founder of Tesla for three years lost the right to hold the position of Chairman of the Board of Directors, but retained the position of Director General. In addition, the Mask can not make public statements relating to the company, without prior approval.

The problem with SEC is started at the Mask after you tweet with a promise to buy back the company’s stock at $ 420 per share and make it public. This has not happened, which gave occasion to accuse him of fraud.